TCW FINALS REVIEWER STUDY GUIDE
ECONOMIC DIMENSION OF GLOBALIZATION - Answer -According to Manfred
Steger, it is the intensification and stretching of economic connection across the globe.
ECONOMIC NATIONALISM - Answer -The growth of global economic order in the
early years started with a nationalist perspective that featured its value among different
states in Europe.
MERCANTILISM - Answer -The principle which European countries directed their effort
to strengthen their respective national economies inspired by the leading superpowers
at that time; Maximizing export and minimizing import of an economy.
INDUSTRIAL REVOLUTION - Answer -Its birth in the middle of the 18th century
brought the practice of mercantilism to its knees as the global economic order shifted
into a new course.
LIBERAL APPROACH - Answer -From a nationalist perspective, several European
countries adopted this approach in administering their economies and embraced the
practice of free trade in the next several years.
GREAT BRITAIN - Answer -The country which played an important role in the ensuing
years of the Industrial Revolution as it emerged to become the first country to
industrialize.
CORN LAWS - Answer -The policies which Great Britain repealed that have restricted
the flow of agricultural products among the different European countries.
SINGLE INTERNATIONAL MONETARY SYSTEM - Answer -The global economic
order prior to the establishment of the Bretton Woods Institutions was buoyed by the
implementation of this system in 1970.
GOLD STANDARD - Answer -The standard that was adopted, tightened by Great
Britain, as the single international monetary system in Europe.
GOLD EXCHANGE STANDARD - Answer -The standard that replaced the previous
single international monetary system that was recommended in the Genoa Conference
in 1922.
HARRY DEXTER WHITE AND JOHN MAYNARD KEYNES - Answer -The leading
economist of the West and their ideas culminated in the Bretton Woods Conference in
1944.
BRETTON WOODS CONFERENCE - Answer -According to Manfred Steger, it
discouraged the protectionist stance of several countries during the interwar period.
, Instead, it recommended the practice of international trade that supported the adoption
of liberal economic policies.
INTERNATIONAL FINANCE - Answer -According to Hendrik Van Den Berg, it is a
system within which people, businesses, governments, and other groups interact in the
global economy. Specifically, the concept describes and explains the flows of payments
that occur among several countries.
INTERNATIONAL MONETARY SYSTEM - Answer -It allowed the critical valuations of
the commonly traded goods and services.
INTERNATIONAL MONETARY SYSTEM - Answer -According to John Lipsky, it is
defined as the policies and official arrangements related to the balance of payments.
These include the prevailing exchange rates, international reserves, current payments,
and capital flows."
BALANCE OF PAYMENTS - Answer -Surpluses or deficits that can affect the balance
of international transactions of a country with other countries in the international
community.
CLASSICAL GOLD STANDARD - Answer -Its introduction is largely influenced by the
decision of Great Britain to replace the silver-based money in the early years of the 18th
century; It is anchored on a fixed exchange rate, in which national currencies were
pegged to the gold at an equivalent rate. Likewise, the countries using this system were
required to maintain their international reserves of gold that can be employed to off-set
any problem in the balance of payments.
GOLD EXCHANGE STANDARD - Answer -It showed a number of characteristics that
proved to be beneficial to the members of the international community. One of the
striking characteristics of this system is that countries were allowed to maintain both
gold and a major currency as their international reserves during the interwar period.
BRETTON WOODS SYSTEM - Answer -It emerged as the result of the Bretton Woods
Conference that marked the return of the international community to the gold exchange
standard. Compared to the previous gold exchange standard, the new monetary
system, the post-war gold exchange standard, was spearheaded by the United States
of America together with Great Britain and other capitalist countries.
MIXED SYSTEM OF FLOATING AND FIXED EXCHANGE RATE - Answer -Countries
are allowed to choose their preferred exchange rate that comes in the form of either
floating or fixed exchange rate systems. After the Second World War, several
developed countries allowed their currencies to float while the others opted for a fixed
exchange rate system.
INTERNATIONAL MONETARY FUND - Answer -One of the prominent international
economic institutions that were created after the Bretton Woods Conference in 1944.
ECONOMIC DIMENSION OF GLOBALIZATION - Answer -According to Manfred
Steger, it is the intensification and stretching of economic connection across the globe.
ECONOMIC NATIONALISM - Answer -The growth of global economic order in the
early years started with a nationalist perspective that featured its value among different
states in Europe.
MERCANTILISM - Answer -The principle which European countries directed their effort
to strengthen their respective national economies inspired by the leading superpowers
at that time; Maximizing export and minimizing import of an economy.
INDUSTRIAL REVOLUTION - Answer -Its birth in the middle of the 18th century
brought the practice of mercantilism to its knees as the global economic order shifted
into a new course.
LIBERAL APPROACH - Answer -From a nationalist perspective, several European
countries adopted this approach in administering their economies and embraced the
practice of free trade in the next several years.
GREAT BRITAIN - Answer -The country which played an important role in the ensuing
years of the Industrial Revolution as it emerged to become the first country to
industrialize.
CORN LAWS - Answer -The policies which Great Britain repealed that have restricted
the flow of agricultural products among the different European countries.
SINGLE INTERNATIONAL MONETARY SYSTEM - Answer -The global economic
order prior to the establishment of the Bretton Woods Institutions was buoyed by the
implementation of this system in 1970.
GOLD STANDARD - Answer -The standard that was adopted, tightened by Great
Britain, as the single international monetary system in Europe.
GOLD EXCHANGE STANDARD - Answer -The standard that replaced the previous
single international monetary system that was recommended in the Genoa Conference
in 1922.
HARRY DEXTER WHITE AND JOHN MAYNARD KEYNES - Answer -The leading
economist of the West and their ideas culminated in the Bretton Woods Conference in
1944.
BRETTON WOODS CONFERENCE - Answer -According to Manfred Steger, it
discouraged the protectionist stance of several countries during the interwar period.
, Instead, it recommended the practice of international trade that supported the adoption
of liberal economic policies.
INTERNATIONAL FINANCE - Answer -According to Hendrik Van Den Berg, it is a
system within which people, businesses, governments, and other groups interact in the
global economy. Specifically, the concept describes and explains the flows of payments
that occur among several countries.
INTERNATIONAL MONETARY SYSTEM - Answer -It allowed the critical valuations of
the commonly traded goods and services.
INTERNATIONAL MONETARY SYSTEM - Answer -According to John Lipsky, it is
defined as the policies and official arrangements related to the balance of payments.
These include the prevailing exchange rates, international reserves, current payments,
and capital flows."
BALANCE OF PAYMENTS - Answer -Surpluses or deficits that can affect the balance
of international transactions of a country with other countries in the international
community.
CLASSICAL GOLD STANDARD - Answer -Its introduction is largely influenced by the
decision of Great Britain to replace the silver-based money in the early years of the 18th
century; It is anchored on a fixed exchange rate, in which national currencies were
pegged to the gold at an equivalent rate. Likewise, the countries using this system were
required to maintain their international reserves of gold that can be employed to off-set
any problem in the balance of payments.
GOLD EXCHANGE STANDARD - Answer -It showed a number of characteristics that
proved to be beneficial to the members of the international community. One of the
striking characteristics of this system is that countries were allowed to maintain both
gold and a major currency as their international reserves during the interwar period.
BRETTON WOODS SYSTEM - Answer -It emerged as the result of the Bretton Woods
Conference that marked the return of the international community to the gold exchange
standard. Compared to the previous gold exchange standard, the new monetary
system, the post-war gold exchange standard, was spearheaded by the United States
of America together with Great Britain and other capitalist countries.
MIXED SYSTEM OF FLOATING AND FIXED EXCHANGE RATE - Answer -Countries
are allowed to choose their preferred exchange rate that comes in the form of either
floating or fixed exchange rate systems. After the Second World War, several
developed countries allowed their currencies to float while the others opted for a fixed
exchange rate system.
INTERNATIONAL MONETARY FUND - Answer -One of the prominent international
economic institutions that were created after the Bretton Woods Conference in 1944.
